- Korea: GDP (Q4); Thailand Auto Sales (Feb)
- Turkey: Capacity Utilization, Business Tendency survey (Mar); South Africa: Tourism & Migration (Jan), Manufacturing Survey (Q1)
- Croatia: Tourism (Jan); Montenegro: Foreign Trade (Feb); Czech Republic: CPI by COICOP (Feb), Registered Employment (Q4); Kazakhstan: Loans & Deposits (Feb); Slovenia: Business Cycle Indicators (Mar); Russia: Employment by Industry (Q4);
- more updates...
Economy in Brief
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller December 14, 2016
Consumers grew cautious ahead of the holiday spending season. Total retail sales & spending at restaurants nudged 0.1% higher (3.8% y/y) during November following a 0.6% October rise, revised from 0.8%. A 0.4% increase had been expected in the Action Economics Forecast Survey. Three-month sales growth eased to 1.2%, its slowest pace since May.
A 0.5% decline (+3.3% y/y) in purchases of motor vehicles & parts held back last month's overall spending increase. The decline roughly matched a 0.8% drop in unit sales of light vehicles. Excluding autos, overall retail sales improved 0.2% (3.9% y/y) after a 0.6% gain. That was the weakest rise in three months. A 0.5% increase had been expected.
Retail sales eased slightly last month (+3.6% y/y) after a 0.7% rise. Discretionary spending growth slowed markedly. Purchases at nonstore retailers improved a minimal 0.1% (11.9% y/y) following a strong 1.4% increase. Also weakening were sales at sporting goods, hobby, book & music stores which fell 1.0% (-1.4% y/y) following a 0.7% rise. Building materials & garden equipment store sales increased 0.3% (4.3% y/y) for a second straight month. Gasoline service station sales also improved 0.3% (4.0% y/y) following two months of strong gains with higher prices. To the upside were restaurant sales. Sales at food service & drinking places rose 0.8% (4.9% y/y), a rebound after a 0.3% decline.
Sales in the retail control group, which measures nonauto sales less gasoline & building materials, inched 0.1% higher (3.4% y/y), the weakest gain in three months. Three-month growth improved, however, to 4.1%, the strongest rise since Q2. Sales of furniture & home furnishings gained 0.7% (4.1% y/y) after a 0.5 decline, while sales at electronics & appliance stores ticked 0.1% higher (-3.8% y/y) following five consecutive monthly declines. Clothing & accessory store sales remained unchanged (0.9% y/y) after a 0.1% uptick. Sales of general merchandise stores gained 0.1% (-1.3% y/y) after six consecutive monthly declines.
In the non-discretionary spending categories, food & beverage store sales increased 0.4% (3.1% y/y) following a 0.7% increase. Purchases at health & personal care stores ticked 0.1% higher (6.2% y/y) following no change.
The retail sales data can be found in Haver's USECON database.
|Retail Spending (%)||Nov||Oct||Sep||Nov Y/Y||2015||2014||2013|
|Total Retail Sales & Food Services||0.1||0.6||1.0||3.8||2.3||4.1||3.8|
|Non-Auto Less Gasoline, Building Supplies & Food Services (Control Group)||0.1||0.6||0.3||3.4||3.3||4.0||2.9|
|Motor Vehicle & Parts||-0.5||0.5||1.9||3.3||6.6||6.4||8.3|
|Retail Less Autos||0.1||0.8||0.8||3.7||0.2||3.2||2.6|
|Food Service & Drinking Places Sales||0.8||-0.3||0.7||4.9||8.1||6.1||3.7|